Hima Reddy RSI Power Zones Indicator for ThinkorSwim

[BenTen]

This is a repost from the Yahoo's thinkScript group.

Has anyone here got a thinkscript that places the Hima Reddy Bear Support (20 to 30) and Bear Resistance (55 to 65) Zones and Bull Support (40 to 50) and Bull Resistance (80 to 90) Power Zones on the RSI Indicator? I would appreciate receiving the code if you do...

thinkScript Code

#-----------------------------#
# ---- By Syracusepro ----#

declare lower;

#A: With RSI on a 14 period setting (this is crucial!)
#Bull Resistance Power Zone = 80 to 90
#Bear Resistance Power Zone = 55 to 65
#Bull Support Power Zone = 40 to 50
#Bear Support Power Zone = 20 to 30

def hm_RSI = RSI();

plot himma = hm_rsi;

plot bullRes = 90;
bullRes.setDefaultColor(color.green);

plot bullResb = 80;
bullResb.setDefaultColor(color.green);

plot bearRes = 70;
bearRes.setDefaultColor(color.red);

plot bearResb = 60;
bearResb.setDefaultColor(color.red);

plot bullSupp = 50;
bullSupp.setDefaultColor(color.green);

plot bullSuppb = 40;
bullSuppb.setDefaultColor(color.green);

plot bearSupp = 30;
bearSupp.setDefaultColor(color.red);

plot bearSuppb = 20;
bearSuppb.setDefaultColor(color.red);

#------------------------------#

Fancy Version

#-----------#

declare lower;

#--------------- Relative Strength Index" -------------#
#----- Translated from pinescript to thinkscript ------#
#----------------- by Syracusepro ---------------------#

input src = close;
input len = 14; #"Length"

plot rsi = rsi(len, close);

plot band1 = 70;
plot band0 = 30;

#addCloud(band1, band0, color.magenta);

plot h1 = 20;
h1.setDefaultColor(color.red);

plot h2 = 30;
h2.setDefaultColor(color.red);

plot h3 = 40;
h3.setdefaultColor(color.green);

plot h5 = 55;
h5.setDefaultColor(color.red);

plot h6 = 65;
h6.setDefaultColor(color.red);

plot h7 = 80;
h7.setdefaultColor(color.green);

plot h8 = 90;
h8.setdefaultColor(color.green);

plot h9 = 50;
h9.setdefaultColor(color.green);

addCloud(h1,h2, color.red, color.red);
addCloud(h3,h9, color.green, color.green);
addCloud(h5,h6, color.red, color.red);
addCloud(h7,h8, color.green, color.green);
#-----------#

Video

 

[horserider]

This is a more complicated indicator than I bet most people want to learn. One of the uses I liked was drawing trend lines that the rsi bounces off within certain zones. Study it and you will find out where.

 

[MatthewA]

In a 'bullish market' Bulls believe that RSI has a Support of 40-50 and a Resistance of 80-90 while in a 'bearish market' the bears believe that RSI has a Support of 20-30 and a Resistance of 55-60... Cool

 

[Marvinpatt]

Anyone have a scan for thinkorswim with the power zone?

 

[MerryDay]

@Marvinpatt What are you attempting to scan on?

 

[Marvinpatt]

Stocks. It is an RSI With levels of support that you are supposed to connect three lines before taking the trade. Thanks for checking.

 

[MerryDay]

@Marvinpatt The indicator plots eight lines.
If you are looking to scan for RSI. you can use the TOS RSI indicator and scan for RSI crosses above (or crosses below) any of the below numbers.

plot bullRes = 90;
bullRes.setDefaultColor(color.green);

plot bullResb = 80;
bullResb.setDefaultColor(color.green);

plot bearRes = 70;
bearRes.setDefaultColor(color.red);

plot bearResb = 60;
bearResb.setDefaultColor(color.red);

plot bullSupp = 50;
bullSupp.setDefaultColor(color.green);

plot bullSuppb = 40;
bullSuppb.setDefaultColor(color.green);

plot bearSupp = 30;
bearSupp.setDefaultColor(color.red);

plot bearSuppb = 20;
bearSuppb.setDefaultColor(color.red);

 

[petergluis]

I modified the code for better detection of overbought and oversold states.

#-----------#

declare lower;

#--------------- Relative Strength Index" -------------#
#----- Translated from pinescript to thinkscript ------#
#----------------- by Syracusepro ---------------------#

input src = close;
input len = 14; #"Length"

plot rsi = rsi(len, close);

plot band1 = 70;
plot band0 = 30;

#addCloud(band1, band0, color.magenta);

plot h1 = 20;
h1.setDefaultColor(color.red);

plot h2 = 30;
h2.setDefaultColor(color.red);

plot h3 = 40;
h3.setdefaultColor(color.green);

plot h5 = 60;
h5.setDefaultColor(color.red);

plot h6 = 70;
h6.setDefaultColor(color.red);

plot h7 = 80;
h7.setdefaultColor(color.green);

plot h8 = 90;
h8.setdefaultColor(color.green);

plot h9 = 50;
h9.setdefaultColor(color.green);

plot h10 = 10;
h10.setdefaultColor(color.green);

plot h11 = 0;
h11.setdefaultColor(color.green);

plot h12 = 100;
h12.setdefaultColor(color.red);

addCloud(h1,h2, color.red, color.red);
addCloud(h3,h9, color.green, color.green);
addCloud(h5,h6, color.red, color.red);
addCloud(h7,h8, color.green, color.green);
addCloud(h10,h11, color.green, color.green);

input over_bought = 80;
input over_sold = 20;
input KPeriod = 10;
input DPeriod = 10;
input priceH = high;
input priceL = low;
input priceC = close;
input averageType = AverageType.SIMPLE;
input showBreakoutSignals = {default "No", "On SlowK", "On SlowD", "On SlowK & SlowD"};

plot SlowK = reference StochasticFull(over_bought,over_sold,KPeriod,DPeriod,priceH,priceL,priceC,3,averageType).FullK;
plot SlowD = reference StochasticFull(over_bought,over_sold,KPeriod,DPeriod,priceH,priceL,priceC,3,averageType).FullD;
plot OverBought = over_bought;
plot OverSold = over_sold;

def upK = SlowK crosses above OverSold;
def upD = SlowD crosses above OverSold;
def downK = SlowK crosses below OverBought;
def downD = SlowD crosses below OverBought;

plot UpSignal;
plot DownSignal;
switch (showBreakoutSignals) {
case "No":
UpSignal = Double.NaN;
DownSignal = Double.NaN;
case "On SlowK":
UpSignal = if upK then OverSold else Double.NaN;
DownSignal = if downK then OverBought else Double.NaN;
case "On SlowD":
UpSignal = if upD then OverSold else Double.NaN;
DownSignal = if downD then OverBought else Double.NaN;
case "On SlowK & SlowD":
UpSignal = if upK or upD then OverSold else Double.NaN;
DownSignal = if downK or downD then OverBought else Double.NaN;
}

UpSignal.setHiding(showBreakoutSignals == showBreakoutSignals."No");
DownSignal.setHiding(showBreakoutSignals == showBreakoutSignals."No");

SlowK.setDefaultColor(GetColor(5));
SlowD.setDefaultColor(GetColor(0));
OverBought.SetDefaultColor(GetColor(1));
OverSold.SetDefaultColor(GetColor(1));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);